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Futures Contract Turnover is included in GST turnover, Goods and Services Tax - GST

Issue Id: - 118226
Dated: 13-11-2022
By:- Harshit Sanghvi
Futures Contract Turnover is included in GST turnover

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Person has been dealing in Futures in stock market where one lot sale value is 10lacs. Whether this turnover is included while computing aggregate turnover in GST as the person will be having professional income too but less than 20 lacs.

Please guide

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Showing Replies 1 to 4 of 4 Records

1 Dated: 18-11-2022
By:- Harshit Sanghvi

Dear experts please reply


2 Dated: 18-11-2022
By:- KASTURI SETHI

Your answer is inherent in the definitions of 'Transaction Value,' 'Consideration' 'Aggregate Value' and scope of 'threshold exemption limit' and definition and scope of 'supply'. Pl. go through all the above in CGST Act and then post your query again.

My view

Both will be clubbed to arrive at threshold exemption limit.


3 Dated: 21-11-2022
By:- Shilpi Jain

Futures would be covered under definition of securities  under SCRA. Would not be part of aggregate turnover


4 Dated: 21-11-2022
By:- KASTURI SETHI

Dear Querist,

Just for knowledge sake also go through the following circular :-

Taxability of supply of securities under Securities Lending Scheme, 1997 - Clarification

Circular No. 119/38/2019-GST, dated 11-10-2019

 


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